Nio price target lowered to $6.70 from $7.60 at BofA

BofA lowered the firm’s price target on Nio (NIO) to $6.70 from $7.60 and keeps a Neutral rating on the shares following quarterly results. The firm notes total revenue came in at RMB 22B, up 17% year-over-year/up 15% quarter-over-quarter and largely in line with its expectation. The year-over-year growth was driven by 41% year-over-year vehicle sales volume growth but lower ASP upon product mix change. Nio targets 120k-125k units of car delivery in Q4, up 65%-72% year-over-year/38%-44% quarter-over-quarter and lower than previous guidance of above 150k units, BofA adds.